Conventional loans are mortgages that aren’t insured by the government and are typically backed by Fannie Mae or Freddie Mac. They usually work best for borrowers with solid credit, stable income, and at least a modest down payment. These loans can offer competitive rates and flexible terms, especially for well-qualified buyers.

Renovation loans allow you to finance both the purchase (or refinance) of a home and the cost of repairs or upgrades into a single mortgage. They’re ideal if you’re buying a fixer-upper or updating your current home. Instead of paying for improvements out of pocket, you roll the renovation budget into your loan and pay it off over time.

FHA loans are government-insured mortgages designed to help borrowers with smaller down payments or less-than-perfect credit. They often allow down payments as low as 3.5% with flexible qualification guidelines. In exchange, borrowers pay mortgage insurance, which helps protect the lender and makes these loans possible.

VA loans are exclusive benefits for eligible veterans, active-duty service members, and some surviving spouses. They often require no down payment, no monthly mortgage insurance, and offer competitive interest rates. These loans can make homeownership significantly more affordable for those who qualify.

Jumbo loans are mortgages that exceed the standard conforming loan limits set by Fannie Mae and Freddie Mac. They’re used to finance higher-priced homes and may have stricter credit, income, and asset requirements. Because the loan amounts are larger, lenders carefully review your financial profile to ensure you can comfortably afford the payment.

Commercial loans are used to finance properties intended for business use, such as office buildings, retail spaces, or multi-unit investment properties. These loans are evaluated more on the property’s income potential and the business’s financial strength than on personal income alone. Terms, rates, and down payment requirements can vary widely depending on the property type and lender.

Refinancing replaces your existing mortgage with a new one, usually to lower your interest rate, change your loan term, or tap into your home’s equity. It can help reduce your monthly payment, pay off your home faster, or consolidate higher-interest debt. A loan officer can compare options to see if the savings and benefits outweigh the costs.